Northern Trust (NTRS) Price Target Cut to $114.00

Northern Trust (NASDAQ:NTRS) had its price objective lowered by Buckingham Research from $119.00 to $114.00 in a research report report published on Thursday. The firm currently has a neutral rating on the asset manager’s stock.

A number of other analysts have also recently commented on the stock. Credit Suisse Group increased their price target on shares of Northern Trust from $112.00 to $114.00 and gave the company a neutral rating in a research note on Friday, August 10th. BidaskClub cut shares of Northern Trust from a sell rating to a strong sell rating in a research note on Saturday, August 18th. Wolfe Research began coverage on shares of Northern Trust in a research note on Tuesday, September 25th. They issued a market perform rating for the company. Morgan Stanley increased their price target on shares of Northern Trust from $110.00 to $117.00 and gave the company a $108.44 rating in a research note on Thursday, July 19th. Finally, Deutsche Bank cut their price target on shares of Northern Trust from $119.00 to $118.00 and set a hold rating for the company in a research note on Thursday, August 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $117.00.

NTRS traded down $0.08 during trading hours on Thursday, hitting $93.03. 69,014 shares of the company’s stock were exchanged, compared to its average volume of 1,669,942. Northern Trust has a 1-year low of $91.20 and a 1-year high of $115.61. The stock has a market capitalization of $21.04 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 1.17 and a beta of 0.94. The company has a current ratio of 0.65, a quick ratio of 0.66 and a debt-to-equity ratio of 0.36.

Northern Trust (NASDAQ:NTRS) last announced its earnings results on Wednesday, October 17th. The asset manager reported $1.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.61 by ($0.03). Northern Trust had a return on equity of 15.75% and a net margin of 23.28%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the company posted $1.20 EPS. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, research analysts predict that Northern Trust will post 6.67 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Thursday, December 13th. Northern Trust’s dividend payout ratio is presently 45.55%.

Northern Trust announced that its board has initiated a share repurchase program on Tuesday, July 17th that authorizes the company to buyback 25,000,000 shares. This buyback authorization authorizes the asset manager to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

In other news, Vice Chairman William L. Morrison sold 13,886 shares of the firm’s stock in a transaction dated Monday, July 23rd. The shares were sold at an average price of $110.87, for a total transaction of $1,539,540.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Biff Bowman sold 21,352 shares of the firm’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $111.11, for a total transaction of $2,372,420.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,864 shares of company stock valued at $7,533,831. 1.04% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Hexavest Inc. lifted its stake in shares of Northern Trust by 26.6% during the 3rd quarter. Hexavest Inc. now owns 2,319 shares of the asset manager’s stock worth $237,000 after buying an additional 487 shares during the last quarter. Advisor Partners LLC lifted its stake in shares of Northern Trust by 8.9% during the 2nd quarter. Advisor Partners LLC now owns 6,468 shares of the asset manager’s stock worth $666,000 after buying an additional 530 shares during the last quarter. World Asset Management Inc lifted its stake in shares of Northern Trust by 4.0% during the 3rd quarter. World Asset Management Inc now owns 13,870 shares of the asset manager’s stock worth $1,417,000 after buying an additional 539 shares during the last quarter. Raymond James Trust N.A. lifted its stake in shares of Northern Trust by 16.3% during the 3rd quarter. Raymond James Trust N.A. now owns 4,040 shares of the asset manager’s stock worth $413,000 after buying an additional 566 shares during the last quarter. Finally, Boston Advisors LLC lifted its stake in shares of Northern Trust by 27.8% during the 2nd quarter. Boston Advisors LLC now owns 2,760 shares of the asset manager’s stock worth $284,000 after buying an additional 600 shares during the last quarter. Institutional investors own 77.99% of the company’s stock.

Northern Trust Company Profile

Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates through Corporate & Institutional Services (C&IS) and Wealth Management segments.

Further Reading: Outstanding Shares

Analyst Recommendations for Northern Trust (NASDAQ:NTRS)

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